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According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Wednesday, June 13, 2012

Goldman Sachs and Tax Avoidance in the UK

Goldman Sachs was permitted an improper £10 million tax exemption by HMRC (Revenue and Customs) and the deal is being challenged in court.  UK Uncut Legal Action has accused customs officials of giving Goldman special treatment.
UK Uncut makes high court challenge to Goldman Sachs tax deal
By Shiv Malik - The Guardian
. . . .

The high court in London is expected to hear that a multi-million pound agreement sealed with a handshake between David Hartnett, the head of HMRC, and Goldman Sachs senior employees, which permitted the investment conglomerate to keep back £10m in back taxes, should be quashed under judicial review.
UK Uncut Legal Action have accused customs officials of giving the US multinational giant favourable treatment in a settlement of a tax dispute which saw Goldman Sachs let off £10m in interest payments.
Their accusations were backed by HMRC's own internal minutes from December 2010, showing Hartnett's personal involvement in the deal with top Goldman representatives which allowed the bank to repay only the principal sum owed.
Read the entire article here 


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